The Nine One Hannam aprtment complex in Yongsan District, Seoul. Korea Times photo by Bae Woo-han

Nine One Hannam, an apartment unit in Yongsan District, Seoul, has set a new record for the highest apartment or other multi-family housing sale price in Korea, Yonhap News Agency said Monday.

According to the Ministry of Land, Infrastructure and Transport's real transaction price system, a 273-square-meter (101 pyeong) unit in Nine One Hannam was sold for 20 billion won ($14.5 million) last month.

This represents a more than doubling in price compared to October 2021, when a unit of the same size was sold for 8.4 billion won.

The complex gained significant attention when G-Dragon of the boy group BigBang purchased a 244-square-meter unit for 16.4 billion won without loans in March 2022.

Other notable residents include BTS members RM and Jimin, as well as actor Bae Yong-joon. In May, singer Jang Yoon-jeong sold her 244-square-meter unit, which she purchased for 5 billion won in 2021, for 12 billion won, realizing a 7 billion won gain.

This latest transaction marks the highest sale price for multi-family housings, including apartments and villas since real transaction prices were first disclosed in 2006.

The previous record was held by Traum House 5th, in Seocho District, which sold a 273-square-meter unit for 18.5 billion won in October 2021. Among apartments, the previous highest sale was for a 268-square-meter unit in Parc Hannam, also in Hannam-dong, Yongsan, which sold for 18 billion won in August last year.

Nine One Hannam, a high-end low-rise residential complex with 341 units, continues to set new records in the Seoul real estate market. The complex, which welcomed its first residents in November 2019, was initially offered under a rental-to-sale conversion scheme to avoid the price cap regulations on pre-sales, similar to the nearby Hannam The Hill.

Amid rising apartment prices in Seoul, high-value transactions in premium apartment complexes continue to set new benchmarks.

According to the Seoul Real Estate Information Plaza, the average transaction price of an apartment in Seoul reached a record high of 1.19 billion won per unit in May. This surpassed the previous record of 1.16 billion won set in April 2022, marking a significant increase in just over two years.

This article was translated by generative AI and edited by staff of The Korea Times.